Listed real-estate and entertainment company KOP Ltd announced a net profit of $39.2 million for 3QFY2015 ended Dec 31, reversing the net loss of $354,000 in the same period last year. The return to profitability was driven mainly by its hospitality and entertainment business divisions. There was also an increase in the occupancy rate and revenue for the group’s Montigo Resort in Nongsa, Batam as well as profit contribution from Scorpio Group, following its reverse takeover on May 6, 2014. Net profit after tax was also driven by the divestment of its entire 39.9% stake in Ritz-Carlton Residences, following the redemption of the 2013 junior notes.

This article appeared in the City & Country of Issue 664 (Feb 16) of The Edge Singapore.